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- Subject
- Supply and Demandeconomics-mcqs › supply-and-demand
- Published
- 29 May 2019
- Last updated
- 28 May 2026
If the price of burgers rises by 22% and the quantity demanded decreases by 25%, how would you classify the demand for burgers?
Multiple choice question for Supply and Demand. Select an option, then review the explanation below.
Explanation
Since the percentage decrease in quantity demanded (25%) is greater than the percentage increase in price (22%), the demand is considered elastic.
More Supply and Demand MCQs
Practice related questions from the same subject.
- 1.What is the typical shape of a demand curve?
- 2.What term describes a company earning profits beyond its normal profit level?
- 3.How does an increase in marginal cost affect output, and how does an increase in marginal revenue impact output?
- 4.Marginal revenue refers to the ________ resulting from producing an additional ________ of output.
- 5.What are firms generally assumed to do with their costs and profits?